Business services are an important element of the European economy and contribute around 11% of the EU’s GDP. They provide a wide range of functions across various industry sectors, from IT and architecture to employment and facility management. The sector is continuously evolving as technological advancements and digitalization accelerate. Business services are also a key component in the ’servitisation’ of the economy, where goods and services are combined to create new value for customers.
The professional and business services supersector includes administrative support services, advertising, marketing, management consultancy, human resources, technical and scientific services, engineering, computer programming, data processing, research and development and all other services that help businesses operate. It is one of the largest service industries in the world and is growing fast, particularly in emerging markets.
Business services can be provided by a range of different types of companies, from small entrepreneurs to large corporations. They can be delivered over the Internet, through software or systems, by mobile apps, or through traditional channels such as phone or in person. The growth of technology and digitalization has transformed the business services sector, enabling firms to offer their services globally and scale quickly. This trend is likely to continue, with cloud computing, artificial intelligence, and robotic process automation transforming the way business services are delivered.
In addition to providing a variety of products and services, business services companies can also help their clients improve their business processes and efficiency. This can include providing consulting and advisory services, training and instruction, and implementing customer relationship management (CRM) systems and sales strategies. They can also assist with due diligence and other corporate transactions, and offer interim management services to fill gaps in leadership.
For IT departments, a business service model helps ensure that IT services are aligned with the organization’s business goals and priorities. This requires collaboration between IT and other business units, as well as a clear understanding of how IT services are used by each business function. Managing this complexity can be challenging, especially in large organizations with diverse systems and processes. Silos and fragmentation can cause inefficiencies, duplication of efforts, and a lack of visibility into the overall status of services.
To manage complexity, organizations must leverage best practices for IT Service Management (ITSM). These include defining and governing service definitions, creating service portfolios, and establishing Service Level Agreements with stakeholders. They should also foster collaboration between IT and other business functions, engage with them in decision-making processes, and seek their input on service requirements and improvements. Additionally, they should adopt automation technologies to streamline routine tasks, predict and prevent service disruptions, and enable self-healing IT systems. Finally, they should utilize AI-powered analytics to gain deeper insights into service performance and customer behavior. These insights will enable them to make better strategic decisions and optimize service delivery.